France Tries to Block GE-Alstom Deal by Strengthening Takeover Law

The saga in GE's bid to buy some assets of France's Alstom for more than $15.6 billion continues. The French government, which has already said it opposes the deal, is going one step further by trying to grab new powers that would allow it to intervene in foreign takeovers.

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Alstom Workers Relieved As GE Wins Takeover Bid
For Alstom workers in eastern France, news that General Electric has beaten rival bidder Siemens to a tie-up with their firm has brought relief and a response perhaps best summed up by the saying "better the devil you know". In the town of Belfort, some 2,500 Alstom employees have worked for more than a decade building electrical turbines just a few dozen metres (yards) away from a GE plant, whose workers they meet each day at lunchtime in a shared canteen.
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Updated GE Bid For Alstom May Sway Board And State, Still Faces Street Test
General Electric on Thursday enhanced its takeover bid for the power activities of French industrial group Alstom, strengthening its chances for obtaining approval by the supervisory board that is also considering an unsolicited, but higher, offer by Germany’s Siemens and Mitsubishi Heavy Engineering of Japan. A new set of global alliances may placate the French government too, but there remains some convincing to do to win over the hearts and minds of the French people.
France Grabs For Power Over Alstom Future With New Takeover Law
The French government gave itself the power to block foreign corporate takeovers in "strategic" sectors on Thursday, throwing up a potential roadblock to General Electric's $16.9 billion bid for Alstom's energy assets. The decree swiftly drew a warning against "protectionism" from the EU official in charge of competition, and was called a "bad idea" by French employers' group MEDEF.
GE Reshapes Alstom Offer To Appease France
General Electric revised its bid for the power arm of Alstom on Thursday, offering alliances in energy and rail to appease the French government and beat a rival proposal by Siemens and Mitsubishi Heavy Industries. It was the latest shot in a two-month fight for control of Alstom's energy business that has seen the Socialist government give itself powers to block any deal in the name of protecting local jobs and influence over a strategic sector.
GE Reshapes Alstom Offer To Appease France
General Electric revised its bid for the power arm of Alstom on Thursday, offering alliances in energy and rail to appease the French government and beat a rival proposal by Siemens and Mitsubishi Heavy Industries. It was the latest shot in a two-month fight for control of Alstom's energy business that has seen the Socialist government give itself powers to block any deal in the name of protecting local jobs and influence over a strategic sector.
GE and Pfizer Fail to Read Takeover Defenses in Europe
Jeff Immelt and Ian Read took different approaches in their quests to acquire big targets in France and England, but ended up in similar situations. General Electric's CEO started by reaching a friendly agreement with Alstom's board. When French politicians found out, they jumped in to save the company from the Americans.
GE Makes Revised Offer For France's Alstom
General Electric Co. on Thursday submitted a revised offer to buy the power generation business of France's Alstom SA that the American company hopes will be enough to win approval from the French government and see off a rival bid by Germany's Siemens AG. GE says its new offer revises the $17 billion cash offer for Alstom's power business it made in April, adding new guarantees on sensitive concerns over jobs and decision-making, while leaving the deal's overall value unchanged.
GE Agrees To Extend Deadline On Alstom Bid To June 23rd
General Electric Company said on Thursday that it has agreed to extend its $16.9 billion bid for the power arm of France's Alstom, from June 2nd to June 23rd, at the request of the French government. GE said it agreed to the extension to facilitate discussions with the French government, which has given some resistance to the American company's proposal. GE said in a statement, "We view this extension positively."
Siemens and Mitsubishi's Offer for Alstom May Put Pressure on GE
Siemens and Mitsubishi Heavy Industries are expected to present a joint offer for France's Alstom Monday. The Deal correspondent Paul Whitfield sheds light on what terms Siemens CEO Joe Kaeser is expected to propose to Alstom in Paris, and how Alstom may respond. The expected terms of the offer stand to differ from General Electric's bid, as it may not include a direct buyout of Alstom's power assets.
GE Oil Chief Sees More Growth Despite Alstom Deal
General Electric's $16.9 billion bid for Alstom's power business will do little to slow down GE's oil and gas division, according to the head of the unit, even though such a transaction could preclude any more big deals by the U.S. conglomerate until after next year. Lorenzo Simonelli, president of GE Oil & Gas, said in an interview, "We're looking to continue the pace of growth and continue to grow in line with the market, if not ahead of the market, and increase our presence within GE.
GE Oil Chief Sees More Growth Despite Alstom Deal
General Electric $16.9 billion bid for Alstom SA's power business will do little to slow down GE's oil and gas division, according to the head of the unit, even though such a transaction could preclude any more big deals by the U.S. conglomerate until after next year. Lorenzo Simonelli, president of GE Oil & Gas, said in an interview, "We're looking to continue the pace of growth and continue to grow in line with the market, if not ahead of the market, and increase our presence within GE,"

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